Does 32Bitcoin depend on Bitcoin? According to the correlation analysis, BTC and 32BIT have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was calculated based on the previous 100-days' price dynamics of both assets.
This coefficient may vary from -1 to 1, where -1 is the strongest negative correlation, 0 is no correlation at all and 1 is the strongest positive correlation.
The negative coefficient shows that the prices of the currencies are going in the contrary trend while the positive coefficient tells that the prices are moving in the identical direction. For instance, if Bitcoin and 32Bitcoin connection is positively strong, it means that when BTC is growing 32BIT will rise as well. The negative strong relation will tell that when BTC is rising 32BIT price will be in opposite decreasing.
The knowledge of the correlation coefficient helps to calculate in percentage the influence of Bitcoin over 32Bitcoin. If we take all the things affecting the price of 32BIT as 100%, then the share of BTC price among these factors will be 82.81%. The other part which is 17.19% covers all the other aspects, such as news, technological releases or politics.